Soybean Oil Sets Life-of-Contract Highs Ahead of USDA Report
Vegetable oil futures rallied on Monday as prices in the oilseeds complex moved higher. Overnight, concerns about a decline in palm oil supplies in January due to disruptions in harvesting due to excessive rainfall and rising optimism about exports in February drove buying in the palm oil market. The strength in palm oil combined with a sharp rally in soybean futures to lift soybean oil futures to life-of-contract highs and pushed the benchmark contract above the psychologically important 45-cent level.
Nearby soybean oil contracts rose about two percent (March contract +97 basis points per pound), but bull spreading by funds limited gains in the back end of the curve (December contract +54 basis points). The move higher triggered a buy signal from the MACD indicator, potentially indicating a new leg in the bullish…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...